Can I retry to make an offer in a townhouse?
December 212009
I was in an Escrow trying to buy a 4 bed/2bath townhouse for $379,900 but when we did the appraisal the value on the property was only $370,000 and of course the bank only approves for that much. The seller accept to lower the price but only after fired her agent and do for sale by owner straight to me (she’s trying to save money on commisions). Can I do in that way or I have to wait certain time to do it? somebody told me I cannot do before 90 days but I have no time to wait that time, I was supposed to finish escrow on 6/20, now I have a very bad delay and I want to speed up the process. Also before, the seller offered to help with $4,000 for closing costs and now doesn’t want to do it anymore. Any advise? I was pre-approved for the loan.
I’m in So. California
More details – I found the property on the Internet and my agent did all the contacts, offer and loan process for me.
Both your agent and the other agent (seller’s agent) can still sue for their commission. They are the ones that put the parties in touch initially. If you were in escrow, there is a huge paper trail proving that fact. The seller is being selfish and it’s going to bite her in the
a s s. She might think she fired that agent, but buried deep in the contract is the fact that the agent is entitled to the commission if they were the ones who worked with a particular buyer.
You as the buyer have less to worry about because the seller will owe that commission. But, with such a greed-bag as a seller, I think they will find a way to screw you in this deal, too. Think about it–she hired her agent who fulfilled their duties as that agent, and greed-bag seller is trying to rip her off after she has done the work. Such a person will have no qualms about ripping you off or stealing all the light fixtures and copper piping out of the house she just sold you. Know what I mean? Proceed with extreme caution.
December 21st, 2009 at 3:14 pm
you should be able to proceed , she however will still owe her agent by not waiting sufficient time. the agent found you for her and is due her commission. the 4000 kick back unless it was in writing kiss goodbye
References :
December 21st, 2009 at 3:43 pm
Im not certain but to give it a try I would say if the owner wants to sell the house on her own I would deffinately involve a laywer to make sure and iron out any legal matters before they occur.
References :
December 21st, 2009 at 4:00 pm
Her agent will see that you bought it and she knows you saw it through an agent and she will go after the seller for her commission.
References :
December 21st, 2009 at 4:41 pm
Both your agent and the other agent (seller’s agent) can still sue for their commission. They are the ones that put the parties in touch initially. If you were in escrow, there is a huge paper trail proving that fact. The seller is being selfish and it’s going to bite her in the
a s s. She might think she fired that agent, but buried deep in the contract is the fact that the agent is entitled to the commission if they were the ones who worked with a particular buyer.
You as the buyer have less to worry about because the seller will owe that commission. But, with such a greed-bag as a seller, I think they will find a way to screw you in this deal, too. Think about it–she hired her agent who fulfilled their duties as that agent, and greed-bag seller is trying to rip her off after she has done the work. Such a person will have no qualms about ripping you off or stealing all the light fixtures and copper piping out of the house she just sold you. Know what I mean? Proceed with extreme caution.
References :
December 21st, 2009 at 4:51 pm
Talk to the seller and let them know that you were approved for a $370,000 loan and go from there.
References :
December 21st, 2009 at 5:10 pm
i think all this sounds a little wacky and the owner doing that to her own agent is just about as low as you go , i wouldnt trust that owner with anything and if you do , i think you will end up getting burnt. i would go through the real estate agencies they know what they are doing and this person is all about themselves, you better think about it hard. you can get preapproved for another loan you know,
References :
December 21st, 2009 at 5:44 pm
You could re-negotiate directly with the seller. However, do you want to is the question.
At this point, you might be able to walk away and get your deposit back. You should have a contingency that allows you to break the contract if you were unable to get financing within 17 days (most contracts are drawn up within 17 days) or if the appraisal came back lower than the listed price and get your deposit back. I suggest if that is the case, is to walk away from this deal. Ask your agent to go over the contract for your options. Your agent has an obligation to do this for you for free.
If you decide to go through this deal, understand that you’re starting all over in negotiations. See if your current agent is willing to go over the new contracts with you without any further cost. I would also bring down the price even more for all the hardship that the seller has caused you. Also, if you signed anything with your agent, you might be obligated to pay her/him a commission if you decide to purchase property outside of his/her scope within a timeframe. Look at your contract to be sure.
Seeing how your agent is also doing your loan, which means she/he should be making money in that area too, I’m sure you can work things out too. If not and if you’re not obligated in no way to either your agent and you decide to walk away from this deal, contact me and I can help.
As your buyer’s agent, I will split any commission that I recieve from the seller (up to 5k) and I can also do your loan for you too (I’m a licensed broker). Check out my website at http://www.amirifinancial.com for more details. I’m located in Irvine, CA but I am willing to work all over southern California. However, I suggest you try to work it out with your current agent since you vested so much time, and I am sure, money into this.
Good luck to you
References :
Licensed Real Estate Broker and Investor
December 21st, 2009 at 6:08 pm
Yes, you can make another offer…..I think you need to ask a lot a questions to your Agent before getting into a new contract. I am a Real estate agent in Las Vegas, and I would be very careful doing business with this seller… good luck to you
References :